Courtesy of David Grandey
Here are your “Into The End Of The Quarter” Trend Channel charts.
Let’s move on to the 60-minute charts.
Interesting to note that the OTC is backtesting a broken trendline (PINK).
Now let’s move on to the daily charts
So there you have it.
1. We have technical indicators such as the RSI and Full Stoh’s BOTH in overbought territory in the 60 min. time frequency and now the daily time frequency charts.
2. We have off the March lows 5 waves up showing in the nano charts and the 60 min. charts
3. We have the S&P 500 tagging a resistance level and at trend channel resistance
4. We have the OTC with a little work to do yet to the upside to match the SPX, don’t worry a gap up in AAPL would do it.
5. And ohhhh let’s not forget we’ve got the “In The Face Of Fear ” showing for those who are looking at the short side here. Which is just the opposite of the face of fear on the long side.
Be on your toes here, this is also about the time traditional Wall St. upgrades something that makes up a big weighting in one of the indexes (Who’s it gonna be this time? The financial sector? AAPL? MSFT? INTC? CAT? CVX?). Remember those guys? Remember how they have a habit of downgrading stocks at the lows AFTER they already fell and of course upgrading AFTER they already took off? What a joke, But WE’RE all smarter now right?
All of which makes these levels very dangerous to be chasing stocks on the long side with regards to putting new money to work.
Start to brush up on your “Change In Trend” patterns here folks, as in topping patterns like double tops for one. Here’s an example of what we want to be on the lookout for over the next few weeks.
To learn more, sign up for our free newsletter and receive our free report — “How To Outperform 90% Of Wall Street With Just $500 A Week.”
To learn more, sign up for David’s free newsletter and receive the free report from All About Trends – “How To Outperform 90% Of Wall Street With Just $500 A Week.” Tell David PSW sent you. – Ilene
